Please help... I can't decide whether to iva or not.... Iv been plodding on this past few months barely making minimum payments but I can't decide whether to try and get a secured loan against the house or take out an iva. I'm so scared something will change and il end up failing the iva. Also not being able to borrow while on an iva makes me nervous..... Thanks in advance
No-one can make such a decision for you. But consider ... you are worried of the impact if something changes in the future ...... In an IVA you are looking at a time period of 6 years. In a secured loan you are looking at, maybe a couple of decades. It all boils down to affordability, now and in the long term.
Not being able to borrow during the IVA is actually a bonus -- a hard lesson to learn, admittedly, but an important one. We learn to live without credit .... six years on and my lifestyle is far better and I still owe no-one a penny. Many of us have tried consolidation loans of one sort or another and just ended up delaying the IVA and entering it with more debt to deal with, without the lessons learned. You are already quietly planning on paying off the current debt, with another loan (so actually increasing your debt level) while considering borrowing more !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Recent advice taken from a professional ended with a "if you have more equity than your debt, then creditors are currently not as favourable to except an iva proposal"
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I was the same, but feel physically sick and can’t sleep after making the decision to apply for an IVA I know I couldn’t carry on but if it’s refused I don’t know what to do. Really think about any other option.
